Japan proposes new currency swap deal

The proposal was tabled after a meeting in Yokohama between Japan's Minister of Finance, its Governor of the State Bank and ASEAN's financial leaders. If finalized, the agreement would allow ASEAN nations to swap their local currencies for USD with Yen-based banking institutions to ensure regional economic stability and vice versa. On the sidelines, Japan also reached a multilateral currency swap agreement with Thailand worth 3 billion dollars and is on track to reach a similar agreement with Malaysia.